Analyst Upgrades

• Large Cap Pharmaceuticals sector upgraded to Overweight at Wells Fargo.
• Archer Daniels (ADM) upgraded to Outperform from Neutral at Credit Suisse.
• Cypress Semi (CY) upgraded to Buy from Neutral at UBS.
• MFA Financial (MFA) upgraded to Buy from Hold at Jefferies.
• Blackstone (BX) upgraded to Buy from Hold at Jefferies.
• Comerica (CMA) upgraded to Hold from Sell at Citigroup.
• Dollar Tree (DLTR) upgraded to Overweight from Equal Weight at Morgan Stanley.
• NuVasive (NUVA) upgraded to Outperform from Market Perform at Leerink.
• Cogdell Spencer (CSA) upgraded to Buy from Hold at Jefferies.
• Hersha Hospitality (HT) upgraded to Hold from Underperform at Jefferies.
• G&K Services (GKSR) upgraded to Outperform from Neutral at RW Baird.
• Graham Packaging (GRM) upgraded to Buy from Neutral at Goldman.
• Shaw (SJR) upgraded to Neutral from Underperform at BofA/Merrill.

Analyst Upgrades

• Piper Jaffray upgraded UPS (UPS) to overweight from neutral with a $79 price target following the company's better-than-expected Q1 results.
• SunTrust believs Zions Bancorp's (ZION) tangible book value is around $20/share, making any future capital raise not as dilutive as the firm previously expected. The firm upgraded shares to buy from neutral and has a $26 target on the stock.
• FBR Capital upgraded J.B. Hunt (JBHT) to outperform from market perform following the company's better-than-expected Q1 results. The firm raised its target price for shares to $43 from $40.
• American Superconductor (AMSC) was upgraded to buy from hold at Deutsche Bank.
• BP (BP) was upgraded to outperform from neutral at Credit Suisse.
• Global Payments (GPN) was upgraded to outperform from market perform at Wells Fargo.

Analyst Upgrades

• Macquarie upgraded Boeing (BA) to outperform from neutral based on increased delivery forecasts for next year. The firm has an $83 target on the stock.
• William Blair upgraded Polycom (PLCM) to outperform from market perform, citing strong industry demand and improving execution.
• Rodman & Renshaw upgraded Idera Pharmaceuticals (IDRA) to outperform from market perform to reflect the company's platform technologies and partnership potential.
• Stanley Black & Decker (SWK) was upgraded to buy from hold at Deutsche Bank.
• Jacobs Engineering (JEC) was raised to overweight from neutral at JPMorgan.
• Felcor Lodging (FCH) was upgraded at FBR Capital to outperform from market perform.

It was not easy but Anthera Pharmaceuticals (ANTH) pulled off its IPO. However, the deal turned out to be fairly small. The company issued six million shares at $7 a piece. The original price range was $13 to $15.

But Anthera is not an isolated event; that is, it's been tough for any type of IPO. So far this year, a variety of companies have canceled their offerings or had to reduce the deal sizes, such as with Graham Packaging (GRM) and QuinStreet (QNST).

For alternative asset managers, the financial results can be complex and volatile. Just look at the Blackstone Group's (BX) latest quarterly results. Revenues came to $725.3 million, which compares to negative revenues of $611.3 million in the same period a year ago. Adjusted earnings were $329.4 million, or $0.29 per share, which is up from a loss of $763.8 million, or $0.68 per share.

Of course, these results also reflect the brutal impact of the credit crunch.

All swans were thought to be white until someone happened to come across a black one. All Toyota's were thought to be well made until someone discovered, oh, say, maybe two million cars that might not be -- part of a cautionary vehicle recall.

If you are a shareholder of Toyota Motor Corp. (TM) which past GM as the largest automobile manufacturer last year -- oddly, the same year it reported its first losses (along with everyone else) -- then you now have a first hand experience of the inherent problems or uselessness in trying to predict where trouble may arise.

According to Bloomberg, General Motors (GRM) is close to announcing a deal to sell its Saab division to Spyker Cars. A person familiar with the matter said that an announcement could come as early as late afternoon in Sweden. In Amsterdam, trading was suspended on the automaker amid the rumors.

Spyker has offered GM roughly $75 million in cash and $325 million preferred shares in Spyker, which would come from the transaction. Reportedly GM would receive $100 million of Saab's existing liquidity.

Despite the media slump that's been running alongside the worldwide recession, CBS (CBS) isn't having any trouble moving ad space for the Super Bowl.

The event is still more than a month from now, but the network reports having only a few commercial slots left for the big game. In fact, 95% of its 62 slots have moved, even with two of the most committed Super Bowl advertisers -- Pepsi (PEP) and General Motors (GRM) -- bowing out of the action. The first half is already sold out completely.

The bailouts of late 2008 and 2009 have cost the American taxpayers $61 billion, according to the Treasury Department, but the banks aren't to blame this time. The auto manufacturer bailout, which includes Chrysler and General Motors (GRM), has cost the country more than $30 billion, with American International Group (AIG) consuming another $30 billion.

Meanwhile, Bank of America (BAC) has already made good with the government, and several banks -- such as Capital One (COF), JP Morgan Chase (JPM) and TCF Financial (TCB) -- only have to clean up situations regarding the warrants they've issued. And interestingly, the losses from the bailouts on AIG and auto manufacturers are being offset by profits from the bank bailouts, which could generate additional funds of up to $19.5 billion.

Speaking at Bloomberg Washington Summit Friday, Steven Rattner, the former head of the government's auto task force, wasn't exactly in the mood for pulling punches.

Referring to his time overseeing the government involvement in the auto industry, he said that "They were some of the worst-run companies I've ever seen in my life," and said there was plenty of blame to go around, including unions and the companies' executives.

Speaking at Texas Lutheran University, General Motors (GRM) chairman Edward E. Whitacre Jr. said that the company would be able to pay back all of its government loans -- soon!

"There is a sense of urgency at G.M. to repay the money we owe as soon as possible," Whitacre said. "Can G.M. pay back its loans? You bet. I can't tell you when but it won't be very long and it's sooner than you think."

Vibe, the urban music magazine, is clawing its way back to life. New owners and editors are trying to make the magazine a success reality again, and they are making the web a priority ... which shouldn't be news but is for an ailing print industry.

The new editor-in-chief, Jermaine Hall, told AdAge that "Vibe.com is really the hub," and that everything needs to point back to the online presence. The print publication will be just one part of the Vibe Lifestyle Network, a move we're also seeing with the likes of Rolling Stone, where the website is being brought back into the fold (and may actually get some resources).